Slight weakness for Mexican sugar reference prices
Mexico sugar reference prices have weakened further, enough to bring them down below the four-week average.
After five weeks of lower prices for estandar, August pricing to date is down about 1.5 percent from the July average.
Through July, CNDSCA estimates domestic sugar consumption (excl. IMMEX) at 3.633 MMT—down over 10 percent YOY by our estimate.
After several disappointing crops, Mexican sugar imports have been mounting, sourced from Brazil and even further afield given that regional origins have limited exportable stocks at this time, and looks set to remain strong even despite the extant import tariff.
The full version of this commentary appeared on our IQ platform Aug. 14, 2023. Further information, statistics, and pricing for the sugar market are available to IQ subscribers.Learn more about becoming a subscriber.
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